20 March 2017

Nigeria: Naira Sells for N444/$ As CBN Sustains Fx Intervention

Lagos — Following last Wednesday's sale of a total of $150 million through foreign exchange, forex, forwards by the Central Bank of Nigeria, the Naira slightly appreciated at the street market closing Friday at N444 to the dollar.

The CBN sold a total of $150 million to authorised forex dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate of N320/$1.

The US Dollar is set to crash further in the coming week as the Central Bank of Nigeria (CBN) plans to inject more FOREX into the market to meet the requests of genuine customers.

The bank's spokesman, Isaac Okorafor, gave the assurance at the weekend, noting that the CBN was committed to ensuring that the authorized dealers got sufficient supply to meet the demands of authentic customers of banks.

While disclosing that the bank had since February 2017 offered over $1 billion to the interbank market, he expressed optimism that stability had been restored to the market, with individuals now being able to easily access forex to address personal and business allowances.

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